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German Q2 GDP rises less-than-expected

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Forexpros - Germany's economy grew less-than-expected in the second quarter of 2011, official preliminary data showed on Tuesday.

In a report, Destatis, Germany's statistical office, said Germany's gross domestic product increased by a seasonally adjusted 0.1% during the second quarter, below expectations for a 0.5% increase.

The previous quarter's figure was revised down to growth of 1.3% from a previously reported 1.5% increase.

Year-on-year, German GDP grew at an annualized rate of 2.7%, after rising at a rate of 4.7% in the previous quarter and below expectations for a 3.1% gain.

Following the release of that data, the euro was down against the U.S. dollar, with EUR/USD dipping 0.38% to hit 1.4387.

Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a loss of 0.8%, France's CAC 40 futures shed 0.6%, the FTSE 100 futures slipped 0.4%, while Germany's DAX futures indicated a drop of 0.85%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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